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Car sales came in about as expected. Note the year over year 3 month moving average continues its deceleration, and so far not adding as much to growth this year as last year: The luxury home market may be losing some of its luster.Average sales prices for homes listed at $1 million or more fell 1.1 percent in the first quarter compared with a year earlier, marking the biggest decline in more than two years, according to Redfin.The decline at the top marks a stark contrast with the broader...

Still in negative territory:Still stone cold dead:Exporters have serious clout over there. Intervention on their behalf would be no surprise: Japan exporters stand to take nearly $10bn hit from rising yen The yen’s sharp appreciation threatens to undercut profits at major Japanese exporters by more than 1 trillion yen ($9.37 billion) this fiscal year, outweighing any benefits of a stronger home currency for some companies, estimates by The Nikkei show.Even at exchange rates of 110 yen to...

Good chance China is now rebuilding euro reserves sold when they panicked over negative rates, qe, etc. In fact, they could now be targeting the euro area for export growth:This came out this am. Note how construction flattened in the middle of last year when the NY tax incentives expired, and so far there is no sign of a repeat of last year’s growth for this year:When it comes to downsizing govt, Obama looks to have been the best ever. What more could the Tea Party ask for?

Another worse than expected report, and now it’s been over a year since it all started going bad, even as analysts continue to find reasons to be optimistic that have yet to pan out: ISM Mfg IndexHighlightsApril’s 50.8 for the ISM manufacturing index may be moderately below expectations for 51.5 but details in the report are positive. New orders did slow by 2.5 points but the level at 55.8 still points to a very solid rate of growth. New export orders, offering positive evidence on the...

Saudi production remains well below their claimed 12 million bpd current max capacity, as they continue to set price and let sales and output float. Market action suggest they have altered their posted prices, but so far publicly available information doesn’t indicate a change in pricing policy. If so, the latest move up in prices will prove temporary: The American Consumer is Doing Less to Support GDP Growth By Rick DavisSummary and CommentaryAlthough the headline remained positive, this...

Back in 1975 I did not just oppose membership of the EU, I actively campaigned against it. In the 1990s I strongly opposed Britain’s membership of the Exchange Rate Mechanism (ERM). My opposition to the Labour leadership’s support for ERM helped ensure that I did not get chosen as Parliamentary candidate at the time. I won a modest 6 votes at a General Committee Meeting that in 1991 selected the next MP for Dulwich and West Norwood! (While I was to be vindicated by Britain’s eviction from the...

Weak, a bit below expectations, and not much hope left for Q2 either. And some time last year the govt changed the seasonal adjustments, adding a bit to Q1 and taking some away from the other quarters. So this release included that new seasonal adjustment: GDPHighlightsConsumer spending, largely on services, helped hold up first-quarter real GDP which came in at an annualized plus 0.5 percent rate and just below the Econoday consensus for 0.7 percent. Consumer spending (personal consumption...

Continues at depressed levels: MBA Mortgage ApplicationsHighlightsPurchase applications are not pointing to Spring acceleration for the housing sector, down 2.0 percent from the April 22 week with the year-on-year rate continuing to come down, to 14 percent from 17 percent. This rate was as high as 30 percent as recently as March. Refinancing activity also declined, down 5.0 percent in the week. Rates remain very low with the average 30-year mortgage for conforming loans ($417,000 or less)...

Not good.Note the year over year change.And inventories remain way high: Durable Goods OrdersHighlightsThe factory sector posted a respectable March with orders for durable goods up 0.8 percent which follows a revised downswing of 3.1 percent in February and a very solid 4.3 percent gain in January. March reflects a big gain for defense goods which helped offset a downward swing for commercial aircraft. A negative in the report is a 3.0 percent decline for motor vehicle orders reflecting...

Still weak and worse than expected. And prices weakening as well: New Home Sales HighlightsGrowth in new homes isn’t spectacular but, given how soft general economic conditions are, the sector is posting moderate and still respectable numbers. March sales came in at a 511,000 annualized rate which is on the low side of expectations but the report includes a 7,000 upward revision to 519,000 for February which now stands as among the very best months since 2008. Year-on-year, sales are up 5.4...